The Consumer Safety Technology Act passed quickly within the House, and if enacted would need the study of blockchain technical and digital tokens.
A bipartisan bill that needs the study of blockchain technology and digital tokens passed the House of Representatives on June 22.
The “Consumer Safety Technology Act” is focused on customer protection and incorporates digital token and blockchain analysis. The bill passed the 117th Congress among every week of its introduction, with a convincing 325 votes in favor of, and 103 votes against.
This is not the first time this bill has reached this time but, and underneath the Trump administration, the bill passed the House in Sept 2020. It had been then named the Committee on Commerce, Science, and Transportation before being shot down within the Senate.
Among alternative things, the bill demands the Consumer Product Safety Commission to deploy a pilot AI program to assist consumer safety inspections, like distinguishing shopper product hazards and trailing trends associated with injuries involving consumer goods.
Additionally, it demands the Secretary of Commerce and also the Federal Trade Commission (FTC) to “study and report on the utilization of blockchain technology and digital tokens.”
Democrat representative for California’s ninth district, Jerry McNerney sponsored the bill, which was co-sponsored by Democrat Darren Soto, in conjunction with Republicans Warren Davidson, Van Taylor, archangel Burgess, and Brett folk singer.
The Consumer Safety Technology Act additionally includes 2 alternative bills referring to crypto. One is that the Blockchain Innovation Act in conjunction with elements of the Digital Taxonomy Act that mandate the FTC report on “unfair or deceptive acts or practices in transactions about digital tokens.” Rep. Soto initially introduced the latter bill in April 2019, however didn’t receive one vote at the time.
Both bills are geared toward stopping deceptive acts associated with crypto from people and “unscrupulous firms.”
On the House Floor, Soto stressed the importance of making certain customer protection from volatility and crim:
“When we glance at market volatility, the utilization of cryptocurrency for ransomware, and up to date attacks just like the Colonial Pipeline and evasion, it’s important that we have a tendency to get on the side of this.”
The Blockchain Innovation Act needs the study of investment trends within the crypto trade, the potential risks and edges of blockchain tech designed for consumer protection, and areas during which regulation might foster domestic innovation.